February 25, OctaFX – The British pound is attempting to move higher against the US dollar after sellers failed to hold price below the key 1.3000 support level.
GBPUSD technical analysis
Buyers have now moved price above the pivotal 1.3050 level, with the 1.3095 level the key intraday resistance area to watch. If bulls fail to rally the GBPUSD pair above the 1.3095 level, traders should expect a decline back towards the 1.3000 level.
- The GBPUSD pair is bullish while trading above the 1.3050 level, key technical resistance is found at the 1.3095 and 1.3160 levels
- If the GBPUSD pair trades below the 1.3050 level, sellers may test towards the 1.3000 and 1.2960 support levels.
This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.